1. Southern Company
2nd Quarter 2003 Earnings
June 30, 2003
Contents
Press Release 1
Business Outlook 4
Financial Highlights 8
Factors Affecting Earnings 8
Analysis of Consolidated Earnings 9
Kilowatt Hour Sales 9
Financial Overview 10

2. News
Media Contact: Marc Rice
404-506-5333 or 1-866-506-5333
media@southerncompany.com
www.southerncompany.com
Investor Relations Contact:
Glen Kundert
404-506-5135
gakunder2@southernco.com
July 29, 2003
Southern Company announces second quarter earnings
ATLANTA – Southern Company today reported second quarter earnings of $432
million, or 60 cents per share, compared with $332 million, or 47 cents per share, in the
second quarter of 2002. The 2003 results included a one-time after-tax gain of $88
million in May 2003 from the previously announced termination of all long-term
wholesale power contracts between Southern Company and Dynegy, Inc.
After adjusting for revenues that would have been recognized for the remainder of the
year had the contracts remained in place, the adjusted gain for 2003 is $83 million, or 11
cents per share.
Earnings for the first six months of 2003, including the gain from the Dynegy settlement,
were $730 million, or $1.01 per share, compared with $556 million, or 79 cents per share,
in the first six months a year ago.
CEO Allen Franklin said mild weather during the spring reduced second quarter demand
for electricity among retail customers. However, the corresponding availability of
additional low-cost generation for the wholesale market boosted sales to other utilities
and helped Southern Company’s competitive generation business post a strong
performance.

3. Continued customer growth also contributed positively to second quarter earnings. The
influx of people and businesses into the region allowed Southern Company to serve 1.6
percent more customers than at the end of the second quarter a year ago.
“Although the mild temperatures had a negative impact on our retail business during the
second quarter, we achieved solid results from competitive generation and experienced
other positive factors,” Franklin said. “Overall, our company is performing very well, and
we remain on track to meet our financial, operational and customer satisfaction targets for
the year.”
Second quarter revenues were $2.9 billion, compared with $2.6 billion in the same period
a year ago. Revenues for the first six months of 2003 were $5.4 billion, compared with
$4.8 billion in the first six months of 2002.
Reviewing operations, Franklin said electricity use by retail customers in Southern
Company's four-state service area decreased 2.1 percent during the second quarter,
compared with the same period in 2002. In-home electricity needs decreased 4.1 percent.
Electricity use by commercial customers -- offices, stores and other non-manufacturing
firms – decreased 1.3 percent. Industrial energy use decreased 1.1 percent.
Total sales of electricity to Southern Company's customers in the Southeast, including
wholesale sales, increased 3.0 percent in the second quarter.
In conjunction with this earnings announcement, Southern Company has posted on its
Web site a package of detailed financial information on its second quarter performance.
These materials are available at 7:30 a.m. EDT July 29 at www.southerncompany.com.
Southern Company's financial analyst call will be at 1 p.m. EDT July 29, at which time
Franklin and Chief Financial Officer Tom Fanning will discuss earnings and earnings
guidance and provide a general business update. Investors, media and the public may
listen to a live Webcast of the call at www.southerncompany.com. A replay of the
Webcast will be available at the site for 12 months.
With 4 million customers and more than 38,000 megawatts of generating capacity,
Atlanta-based Southern Company (NYSE: SO) is the premier super-regional energy
company in the Southeast and a leading U.S. producer of electricity. Southern Company
owns electric utilities in four states, a growing competitive generation company, an
energy services business and a competitive retail natural gas business, as well as fiber
optics and wireless communications. Southern Company brands are known for excellent
customer service, high reliability and retail electric prices that are 15 percent below the
national average. Southern Company has been named two consecutive years No. 1 on
Fortune magazine’s “America’s Most Admired Companies” list in the Electric and Gas
Utility industry. Southern Company has more than 500,000 shareholders, making its
common stock one of the most widely held in the United States. Visit the Southern
Company Web site at www.southerncompany.com.

4. Forward Looking Statements Note:
Certain information contained in this release is forward-looking information based on
current expectations and plans that involve risks and uncertainties. Forward-looking
information includes, among other things, statements concerning continued customer
growth and Southern Company’s ability to meet its targets for the full year 2003.
Southern Company cautions that there are certain factors that can cause actual results to
differ materially from the forward-looking information that has been provided. The
reader is cautioned not to put undue reliance on this forward-looking information, which
is not a guarantee of future performance and is subject to a number of uncertainties and
other factors, many of which are outside the control of Southern Company; accordingly,
there can be no assurance that such indicated results will be realized.
The following factors, in addition to those discussed in Southern Company's Annual
Report on Form 10-K for the year ended Dec. 31, 2002, and subsequent securities filings,
could cause results to differ materially from management expectations as suggested by
such forward-looking information: the impact of recent and future federal and state
regulatory change, including legislative and regulatory initiatives regarding
deregulation and restructuring of the electric utility industry and also changes in
environmental and other laws and regulations to which Southern Company and its
subsidiaries are subject, as well as changes in application of existing laws and
regulations; current and future litigation, including the EPA civil action against certain
subsidiaries of Southern Company; the effects, extent and timing of additional
competition in the markets in which Southern Company's subsidiaries operate; the
impact of fluctuations in commodity prices, interest rates and customer demand; state
and federal rate regulation; political and legal conditions and developments in the
United States; the performance of projects undertaken by the non-traditional business
and the success of efforts to invest in and develop new opportunities; internal
restructuring or other restructuring options that may be pursued; potential business
strategies, including acquisitions or dispositions of assets or businesses, which cannot be
assured to be completed or beneficial to Southern Company or its subsidiaries; the
ability of counterparties of Southern Company and its subsidiaries to make payments as
and when due; the effects of, and changes in, economic conditions in the areas in which
Southern Company's subsidiaries operate, including the current soft economy; the direct
or indirect effects on Southern Company’s business resulting from the terrorist incidents
on Sept. 11, 2001, or any similar such incidents or responses to such incidents; financial
market conditions and the results of financing efforts; the timing and acceptance of
Southern Company's new product and service offerings; the ability of Southern Company
to obtain additional generating capacity at competitive prices; and weather and other
natural phenomena.
###

5. Page 4
Southern Company Business Outlook
− We will be focused on three Major Businesses:
1. Regulated infrastructure businesses
− Transmission, distribution, and over 30,000 MW of regulated generation
within our traditional operating companies.
− Annual Demand growth in our service territory expected to be 2 percent
− Strong customer growth of approximately 1.5 percent per year
2. Competitive generation
− We currently have approximately 4,373 MW of capacity in service at
Southern Power. This includes 1,865 MW placed in service in June 2003.
Our current construction schedule includes 411 MW scheduled to be in
service fall 2003 and 1,240 MW scheduled for 2005.
− This is in addition to our existing wholesale business that generated
approximately $100 million in net income for our operating companies in
2000.
3. Products and services for energy consumers
− We will leverage our existing infrastructure and customer base to deliver
additional products and services.
− Currently this includes Southern Company Energy Solutions, Appliance Sales,
Unregulated Outdoor Lighting, Southern Company Gas, Southern Telecom,
and Southern LINC. Examples of current products offered include energy
services, outdoor lighting, and access to dark optical fiber.
− Goals for our Major Businesses
1. Double the earnings contribution from the company’s competitive generation
business (from $100 million in 2000) to more than $200 million by 2005.
2. Produce $50 million net income from energy-related products and services by
2004
3. Lead the industry in service and customer satisfaction.
See caution regarding forward looking statements on page seven of this document

6. Page 5
− Financial Goals for the Company
1. Earnings per Share Growth – at least 5% annual growth
2. Return on equity – top quartile of electric utilities
3. Dividend Payout – target a range of 70 – 75%
4. Dividend Growth – consistent with our payout objectives
5. Capital Structure – maintain a minimum 38% equity ratio
− We are targeting strong earnings results in 2003.
Projected Earnings per Share
2003
Regulated Infrastructure 1.55
Competitive Generation 0.27
Products and Services 0.02
Synthetic Fuels 0.07
Leasing Business 0.04
Holding Company (0.09)
Total $1.86
Expected Sources and Uses of Funds from 2003 to 2006
−
All Values in Billions
Sources 2003-2006
Funds from Operations $11.3
Equity Issuances 0.4
Net Debt and Preferred 1.8
$13.5
Uses
Investments* $ 9.3
Detailed Breakout Page 6
Common Dividends 4.2
$13.5
See caution regarding forward looking statements on page seven of this document

7. Page 6
Investments 2003 - 2006
Regulated Infrastructure
Fossil/Hydro Retrofits 0.8
Environmental 1.5
Nuclear Fuel & Retrofits 0.7
Transmission & Distribution 4.4
All Other 0.5
Total Regulated Infrastructure $7.9
1.3
Competitive Generation
0.1
Products/Services & Other
$ 9.3
Total Investments
Credit Ratings
−
S&P Moody’s Fitch
Senior Commercial Senior Commercial Senior Commercial
Unsecured Paper Unsecured Paper Unsecured Paper
Alabama Power A A-1** A2 P-1** A F-1**
Georgia Power A A-1* A2 P-1* A+ F-1*
Gulf Power A A-1* A2 P-1* A F-1*
Mississippi Power A A-1* A1 P-1* A+ F-1*
Savannah Electric A A-1* A2 P-1* - -
Southern Power BBB+ A-2 Baa1 P-2 - -
Southern Company A- A-1 A3 P-1 A F-1
*Commercial Paper issued through Southern Company Funding Corporation
**Alabama Power can issue commercial paper through the Southern Company Funding Corporation or through its own
commercial paper program.
See caution regarding forward looking statements on page seven of this document

8. Page 7
Forward Looking Statement Disclosure:
NOTE: All of the information contained in this Business Outlook is forward-looking
information based on current expectations and plans that involve risks and uncertainties.
Southern Company cautions that there are certain factors that can cause actual results to differ
materially from the forward-looking information that has been provided. The reader is cautioned
not to put undue reliance on this forward-looking information, which is not a guarantee of future
performance and is subject to a number of uncertainties and other factors, many of which are
outside the control of Southern Company; accordingly, there can be no assurance that such
indicated results will be realized.
The following factors, in addition to those discussed in Southern Company's Annual
Report on Form 10-K for the year ended December 31, 2002, and subsequent securities filings,
could cause results to differ materially from management expectations as suggested by such
forward-looking information: the impact of recent and future federal and state regulatory
change, including legislative and regulatory initiatives regarding deregulation and restructuring
of the electric utility industry and also changes in environmental and other laws and regulations
to which Southern Company and its subsidiaries are subject, as well as changes in application of
existing laws and regulations; current and future litigation, including the EPA civil action
against certain subsidiaries of Southern Company and the diversity litigation against certain
subsidiaries of Southern Company; the effects, extent and timing of additional competition in the
markets in which Southern Company's subsidiaries operate; the impact of fluctuations in
commodity prices, interest rates and customer demand; state and federal rate regulation in the
United States; political and legal conditions and developments in the United States; the
performance of projects undertaken by the non-traditional business and the success of efforts to
invest in and develop new opportunities; internal restructuring or other restructuring options that
may be pursued; potential business strategies, including acquisitions or dispositions of assets or
businesses, which cannot be assured to be completed or beneficial to Southern Company or its
subsidiaries; the effects of, and changes in, economic conditions in the areas in which Southern
Company's subsidiaries operate, including the current soft economy; the direct or indirect effects
on Southern Company's business resulting from the terrorist incidents on September 11, 2001, or
any similar such incidents or responses to such incidents; financial market conditions and the
results of financing efforts; the timing and acceptance of Southern Company's new product and
service offerings; the ability of Southern Company to obtain additional generating capacity at
competitive prices; and weather and other natural phenomena.
See caution regarding forward looking statements on page seven of this document

9. Page 8
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended June 6 Months Ended June
2003 2002 2003 2002
(Notes) (Notes) (Notes) (Notes)
Consolidated Earnings–
Southern Company
Regulated Retail $ 275 $ 294 $ 500 $ 493
61 118
44 73
Competitive Generation
Total 336 338 618 566
Synthetic Fuels 19 8 28 14
Products and Services 4 (1) 17 2
Leasing Business 7 4 14 10
(17) (30)
(17) (36)
Parent Company and Other
$ 349 $ 332 $ 647 $ 556
Net Income - Excluding Dynegy (See Notes)
432 $ 332 730 $ 556
$ $
- As Reported
Basic Earnings Per Share–(Notes)
$ 0.49 $ 0.47 $ 0.90 $ 0.79
- Excluding Dynegy (See Notes)
$ 0.60 $ 0.47 $ 1.01 $ 0.79
- As Reported
$ 2,859 $ 2,630 $ 5,412 $ 4,844
Operating Revenues
724 706 722 704
Average Shares Outstanding(in millions)
728 708
End of Period Shares Outstanding(in millions)
Significant Factors Impacting EPS (Notes)
3 Months Ended June 6 Months Ended June
2003 2002 Change 2003 2002 Change
$ 0.49 $ 0.47 $ 0.02 $0.90 $0.79 $0.11
Consolidated Earnings Excluding Dynegy-
Significant Factors:
(0.02) 0.01
Regulated Retail Business
0.03 0.07
Competitive Generation
0.02 0.02
Synthetic Fuels
- 0.02
Products and Services
0.01 0.01
Leasing Business
- 0.01
Parent Company and Other
(0.02) (0.03)
Impact of Additional Shares
$ 0.02 $0.11
Total
Notes
- Excludes a one-time gain of $88 million in May 2003 from the previously announced termination of
long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenu
that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 is $83 milli
- Diluted earnings per share are not more than 1 cent for any period reported above and are not material.
- Certain prior year data has been reclassified to conform with current year presentatio
- Information contained in this report is subject to review and adjustments and certain classifications may be differe
from final results published in the Form 10-Q

10. Page 9
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended June 6 Months Ended June
2003 2002 Change 2003 2002 Change
Income Account-
Retail Revenue $ 2,185 $ (9) $ 4,029 $ 121
$ 2,176 $ 4,150
Wholesale Revenue 290 48 523 154
338 677
Other Electric Revenues 78 149 146 174
227 320
118 265
77 41 146 119
Other Operating Revenues
2,859 5,412
2,630 229 4,844 568
Total Revenues
Fuel and Purchased Power 810 58 1,452 263
868 1,715
Non-fuel O & M 769 40 1,443 90
809 1,533
Depreciation and Amortization 254 4 500 3
258 503
143 292
138 5 278 14
Taxes Other Than Income Taxes
2,078 4,043
1,971 107 3,673 370
Total Operating Expenses
Operating Income 659 122 1,171 198
781 1,369
Other Income, net (2) 31 (11) 39
29 28
Interest Charges and Dividends 170 22 338 22
192 360
186 307
155 31 266 41
Income Taxes
$ 332 $ 100 $ 556 $ 174
$ 432 $ 730
NET INCOME AS REPORTED
$ 332 $ 17 $ 556 $ 91
$ 349 $ 647
NET INCOME EXCLUDING DYNEGY
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended June 6 Months Ended June
2003 2002 Change 2003 2002 Change
Kilowatt-Hour Sales-
47,243 45,887 3.0% 91,650 86,593 5.8%
Total Sales
37,186 37,968 -2.1% 72,607 72,307 0.4%
Total Retail Sales-
10,890 11,355 -4.1% 22,347 22,336 0.0%
Residential
12,107 12,266 -1.3% 23,034 23,077 -0.2%
Commercial
13,944 14,098 -1.1% 26,730 26,398 1.3%
Industrial

11. Page 10
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended June 6 Months Ended June
2003 2002 % Change 2003 2002 % Change
Consolidated –
Operating Revenues $2,859 $2,630 8.7% $5,412 $4,844 11.7%
Earnings Before Income Taxes 618 487 27.1% 1,037 822 26.2%
Net Income As Reported 432 332 30.3% 730 556 31.3%
Net Income Excluding Dynegy (Note) 349 332 5.2% 647 556 16.3%
Alabama Power –
Operating Revenues $964 $925 4.4% $1,859 $1,727 7.7%
Earnings Before Income Taxes 167 193 -13.5% 322 317 1.6%
Net Income Available to Common 106 115 -7.9% 198 188 5.4%
Georgia Power –
Operating Revenues $1,191 $1,204 -1.2% $2,317 $2,211 4.8%
Earnings Before Income Taxes 255 272 -6.2% 464 474 -2.1%
Net Income Available to Common 159 171 -7.2% 292 298 -1.9%
Gulf Power –
Operating Revenues $215 $210 2.5% $413 $371 11.4%
Earnings Before Income Taxes 31 21 43.4% 53 38 37.3%
Net Income Available to Common 19 13 39.3% 33 25 30.0%
Mississippi Power –
Operating Revenues $264 $205 28.7% $458 $388 18.0%
Earnings Before Income Taxes 87 35 152.8% 122 58 112.1%
Net Income Available to Common 53 21 155.2% 74 35 114.1%
Savannah Electric –
Operating Revenues $79 $79 0.7% $148 $136 9.0%
Earnings Before Income Taxes 10 11 -11.3% 16 14 10.2%
Net Income Available to Common 6 7 -10.5% 10 9 11.0%
Southern Power –
- -
Operating Revenues $239 $58 $346 $77
- -
Earnings Before Income Taxes 130 15 167 22
- -
Net Income Available to Common 79 9 102 13
Note: Excludes a one-time gain of $88 million in May 2003 from the previously announced termination of all
long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenues
that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 is $83 million.